For Immediate Release Contact: Greg Lemenchick Vice President - Investor
For Immediate Release Contact: Greg Lemenchick Vice President - Investor Relationsinvestorrelations@dominos.com
Domino’s Pizza ® Announces Third Quarter 2026 Financial Results Global retail sales growth (excluding foreign currency impact) of 3.2% U.S. same store sales growth of 0.3% International same store sales growth (excluding foreign currency impact) of 0.2% Global net store growth of 175 stores, including 26 net store openings in the U.S. and 149 net store openings internationally Income from operations increased 8.3%; excluding the $0.2 million negative impact of foreign currency exchange rates on international franchise royalty revenues, income from operations increased 8.4% ANN ARBOR, Michigan, October 13, 2026: Domino’s Pizza, Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results for the third quarter of 2026. “As I step into the CEO role, I am honored to lead Domino’s and build on the competitive advantages that have long set us apart: our iconic brand, best-in-class franchise system, global scale and proven operating capabilities,” said Joe Jordan, Domino’s Chief Executive Officer. “Our opportunity now is to capitalize on those strengths by getting even closer to our customers, helping our franchisees grow their profitability and turning our best performance into our everyday performance. By advancing winning ideas faster and executing them with greater clarity, speed and consistency, we can earn more occasions, continue gaining market share and create meaningful long- term value for shareholders. Domino’s has always been at its best when we are a step ahead. That mindset has helped us set the pace for the industry before, and it’s how we’ll push ourselves to do it again. I believe our next chapter will be our strongest yet.” Third Quarter of 2026 Operational and Financial Highlights (Unaudited): The tables below outline certain statistical measures utilized by the Company to analyze its performance, as well as key financial results. This historical data is not necessarily indicative of results to be expected for any future period. Refer to Comments on Regulation G below for additional details, including definitions of these statistical measures and certain reconciliations.
• Revenues increased $38.5 million, or 3.4%, in the third quarter of 2026 as compared to the third quarter of 2025, primarily due to higher supply chain revenues and higher global franchise royalty revenues. The increase in supply chain revenues was primarily attributable to higher order volumes, as well as an increase in the Company’s food basket pricing to stores, which increased 2.2% in the third quarter of 2026 as compared to the third quarter of 2025. U.S. and international franchise royalties and fees revenues increased primarily as a result of net store growth during the trailing four quarters. These increases in revenues were partially offset by lower U.S. Company-owned store revenues as a result of the refranchising of certain U.S. Company-owned store markets in the second quarter of 2026. • Supply chain gross margin increased 0.9 percentage points in the third quarter of 2026 as compared to the third quarter of 2025, primarily due to procurement productivity. • Income from operations increased $18.6 million, or 8.3%, in the third quarter of 2026 as compared to the third quarter of 2025. Excluding the negative impact of foreign currency exchange rates on international franchise royalty revenues of $0.2 million, income from operations increased $18.8 million, or 8.4%, primarily due to the increases in U.S. and international franchise royalties and fees revenues and gross margin dollar growth within supply chain. • Net income increased $12.9 million, or 9.2%, in the third quarter of 2026 as compared to the third quarter of 2025, primarily due to higher income from operations. • Diluted EPS was $4.60 in the third quarter of 2026 as compared to $4.08 in the third quarter of 2025, representing a $0.52, or 12.7%, increase. The increase in diluted EPS was driven by higher net income, as well as a lower weighted average diluted share count resulting from the Company’s share repurchases during the trailing four quarters. • Net cash provided by operating activities was $520.6 million in the three fiscal quarters of 2026 as compared to $552.3 million in the three fiscal quarters of 2025. The Company spent $60.8 million on capital expenditures in the three fiscal quarters of 2026 as compared to $56.7 million in the three fiscal quarters of 2025, resulting in free cash flow of $459.8 million in the three fiscal quarters of 2026 as compared to $495.6 million in the three fiscal quarters of 2025. The decrease in free cash flow was a result of the timing and amount of payments for advertising activities and the negative impact of changes in operating assets and liabilities. These decreases were partially offset by the increase in income from operations in the three fiscal quarters of 2026 (excluding the pre-tax realized gain on the sale of the Company’s fully depreciated corporate aircraft in the first quarter of 2026). Quarterly Dividend
Subsequent to the end of the third quarter of 2026, on October 6, 2026, the Company’s Board of Directors declared a $1.99 per share quarterly dividend on its outstanding common stock for shareholders of record as of December 15, 2026, to be paid on December 30, 2026.
During the third quarter of 2026, the Company repurchased and retired 216,282 shares of common stock for a total of $73.6 million. During the three fiscal quarters of 2026, the Company repurchased and retired 848,503 shares of common stock for a total of $304.9 million. As of September 6, 2026, the Company had a total remaining authorized amount for share repurchases of $1.15 billion.
In addition to the GAAP financial measures set forth in this press release, the Company has included non-GAAP financial measures within the meaning of Regulation G, including free cash flow, income from operations, excluding foreign currency impact and Consolidated Adjusted EBITDA. The Company has also included metrics such as global retail sales, global retail sales growth (excluding foreign currency impact), same store sales growth, net store growth, food basket pricing change, impact of changes in foreign currency exchange rates on international franchise royalty revenues and the leverage ratio, which are commonly used statistical measures in the quick-service restaurant industry that are important to understanding Company performance.
The Company uses“global retail sales,”a statistical measure, to refer to total worldwide retail sales at Company-owned and franchised stores. The Company believes global retail sales information is useful in analyzing revenues because franchisees pay royalties and, in the U.S., advertising fees that are based on a percentage of franchise retail sales. The Company reviews comparable industry global retail sales information to assess business trends and to track the growth of the Domino’s Pizza brand, and believes it is indicative of the financial health of the Company’s franchisee base. In addition, supply chain revenues are directly impacted by changes in franchise retail sales in the U.S. and Canada. As a result, sales by Domino’s franchisees have a direct effect on the Company’s profitability. Retail sales for franchised stores are reported to the Company by its franchisees and are not included in Company revenues. “Global retail sales growth” is calculated as the change of U.S. Dollar global retail sales against the comparable period of the prior year.“Global retail sales growth, excluding foreign currency impact,”is calculated as the change of local currency global retail sales against the comparable period of the prior year. Changes in global retail sales growth, excluding foreign currency impact are primarily driven by same store sales growth and net store growth.
The Company uses“same store sales growth,”a statistical measure, which is calculated for a given period by including only sales from stores that also had sales in the comparable weeks of both periods. International same store sales growth is calculated similarly to U.S. same store sales growth. Changes in international same store sales are reported on a constant dollar basis, which reflects changes in international local currency sales. Same store sales growth for transferred stores is reflected in their current classification.
The Company uses“net store growth,”a statistical measure, which is calculated by netting gross store openings with gross store closures during the period. Transfers between Company-owned stores and franchised stores are excluded from the calculation of net store growth.
The Company uses“food basket pricing change,”a statistical measure, which is calculated as the percentage change of the food basket (including both food and cardboard products) purchased by an average U.S. store (based on average weekly unit sales) from U.S. supply chain centers against the comparable period of the prior year. The Company believes that the food basket pricing change is important to understanding Company performance because as food basket prices fluctuate, revenues, cost of sales and gross margin percentages in the Company’s supply chain segment also fluctuate. Additionally, cost of sales, gross margins and gross margin percentages for the Company’s U.S. Company-owned stores also fluctuate.
The Company uses“free cash flow,”which is calculated as net cash provided by operating activities, less capital expenditures, both as reported under GAAP. The most directly comparable financial measure calculated and presented in accordance with GAAP is net cash provided by operating activities. The Company believes that the free cash flow measure is important to investors and other interested persons, and that such persons benefit from having a measure that communicates how much cash flow is available for working capital needs or repurchasing debt, making acquisitions, repurchasing common stock or paying dividends.
The Company uses“income from operations, excluding foreign currency impact,”which is calculated as income from operations as reported under GAAP, less the“impact of changes in foreign currency exchange rates on international franchise royalty revenues,”a statistical measure. The most directly comparable financial measure calculated and presented in accordance with GAAP is income from operations. The impact of changes in foreign currency exchange rates on international franchise royalty revenues is calculated as the difference in international franchise royalty revenues resulting from translating current period local currency results to U.S. dollars at current period exchange rates as compared to prior period exchange rates. The Company believes that the impact of changes in foreign currency exchange rates on international franchise royalty revenues is important to understanding Company performance given the significant variability in international franchise royalty revenues that can be driven by changes in foreign currency exchanges rates. International franchise royalty revenues do not have a cost of sales component, so changes in these revenues have a direct impact on income from operations.
The Company uses“Consolidated Adjusted EBITDA,”which is calculated as income from operations as reported under GAAP,excluding depreciation and amortization, non-cash equity-based compensation expense, gains and losses from the sale and disposal of assets and refranchising gains and losses, each as reported under GAAP. Consolidated Adjusted EBITDA is defined in the base indenture governing the Company’s securitized debt and is used by the Company and investors to calculate the leverage ratio (defined below), and other ratios defined in the indenture governing the Company’s securitized debt. As such, Consolidated Adjusted EBITDA is important to investors and other interested persons to understand the financial performance of the Company, and to assess the ability of the Company to meet its financial obligations. The Company uses the “leverage ratio 1 ,” which is calculated as the Company’s securitized debt related to its fixed-rate notes and borrowings under its variable funding notes, divided by Consolidated Adjusted EBITDA on a trailing four quarters basis. The Company has historically operated with a leverage ratio between four and six times. The Company reviews its leverage ratio on at least a quarterly basis and believes its leverage ratio is important to investors and other interested persons to understand the capital structure of the Company, and to assess the ability of the Company to meet its financial obligations. The reconciliation of the leverage ratio for the third quarters of 2026 and 2025 is as follows below.
2017 Ten-Year September 6, September 7, Notes 2026 940,000 2025 940,000 ────────────────────────────────────────────────────────────────────────────── 2018 9.25-Year 379,000 379,000 Notes 2019 Ten-Year 648,000 648,000 Notes 2021 7.5-Year 826,625 826,625 Notes 2021 Ten-Year 972,500 972,500 Notes 2025 Five-Year 500,000 500,000 Notes 2025 Seven-Year 500,000 500,000 Notes Total fixed-rate $ 4,766,125 $ 4,766,125 notes Income from operations – $ 241,773 $ 223,168 third quarter of 2026 and 2025 Income from operations – 232,039 225,044 second quarter of 2026 and 2025 Income from operations – 230,357 210,095 first quarter of 2026 and 2025 Income from operations – 295,667 273,652 fourth quarter of 2025 and 2024 Income from operations – $ 999,836 $ 931,959 trailing four quarters Depreciation and amortization – $ 89,200 $ 87,886 trailing four quarters Non-cash equity-based compensation 43,803 43,395 expense – trailing four quarters Refranchising gain – trailing (4,025 ) (3,883 ) four quarters Gain on sale of assets – (7,780 ) — trailing four quarters Loss on disposal of assets – 2,331 1,730 trailing four quarters Reconciliation of income from operations to Consolidated $ 123,529 $ 129,128 Adjusted EBITDA – trailing four quarters Consolidated Adjusted EBITDA $ 1,123,365 $ 1,061,087 – trailing four quarters Leverage ratio 4.2 x 4.5 x
The Company also calculates and reviews its Senior Leverage Ratio and (1) Holdco Leverage Ratio as defined in the indenture governing the Company’s securitized debt.
The Company will file its Quarterly Report on Form 10-Q today. As previously announced, Domino’s Pizza, Inc. will hold a conference call todayat 8:30 a.m. (Eastern) to review its third quarter 2026 financial results. The webcast is available atir.dominos.comand will be archived for one year.
Founded in 1960, Domino’s Pizza is the largest pizza company in the world, with a significant business in both delivery and carryout. It ranks among the world’s top public restaurant brands with a global enterprise of more than 22,700 stores in over 90 markets. Domino’s had global retail sales of over $20.7 billion in the trailing four quarters ended September 6, 2026. Its system is comprised of independent franchise owners who accounted for 99% of Domino’s stores as of the end of the third quarter of 2026. In the U.S., Domino’s generated more than 85% of U.S. retail sales in 2025 via digital channels and has developed many innovative ordering platforms.
Please visit our Investor Relations website atir.dominos.comto view news, announcements, earnings releases, investor presentations and conference webcasts.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995:
This press release contains various forward-looking statements about the Company within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”) that are based on current management expectations that involve substantial risks and uncertainties that could cause actual results to differ materially from the results expressed in, or implied by, these forward-looking statements. The following cautionary statements are being made pursuant to the provisions of the Act and with the intention of obtaining the benefits of the “safe harbor” provisions of the Act. You can identify forward-looking statements by the use of words such as “anticipates,” “believes,” “could,” “should,” “estimates,” “expects,” “intends,” “may,” “will,” “plans,” “predicts,” “projects,” “seeks,” “approximately,” “potential,” “outlook” and similar terms and phrases that concern our strategy, plans or intentions, including references to assumptions. These forward-looking statements address various matters including information concerning future results of operations and business strategy, our anticipated profitability, estimates in same store sales growth, store growth and the growth of our U.S. and international business in general, our ability to service our indebtedness, our future cash flows, our operating performance, trends in our business and other descriptions of future events that reflect the Company’s expectations based upon currently available information and data. While we believe these expectations and projections are based on reasonable assumptions, such forward-looking statements are inherently subject to risks, uncertainties and assumptions. Important factors that could cause actual results to differ materially from our expectations are more fully described in our filings with the Securities and Exchange Commission, including under the section headed “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 28, 2025. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of various factors, including but not limited to: our substantial indebtedness and our ability to incur additional indebtedness or refinance or renegotiate key terms of that indebtedness in the future; the impact a downgrade in our credit rating may have on our business, financial condition and results of operations; our future financial performance and our ability to pay principal and interest on our indebtedness; the strength of our brand, including our ability to compete in the U.S. and internationally in our intensely competitive industry, including the food service and food delivery markets; our ability to successfully implement our growth strategy, including through our participation in the third- party order aggregation marketplace; labor shortages or changes in operating expenses resulting from increases in prices of food (particularly cheese), fuel and other commodity costs, labor, utilities, insurance, employee benefits and other operating costs or negative economic conditions; the effectiveness of our advertising, operations and promotional initiatives; shortages, interruptions or disruptions in the supply or delivery of fresh food products and store equipment; the additional risks our international operations subject us to, which may differ in each country in which we and our franchisees do business; the dependence of our earnings and business growth strategy on the success of our franchisees; our ability and that of our franchisees to successfully operate in the current and future credit environment; the impact of social media, the rise of artificial intelligence–generated content, or a boycott on our business, brand and reputation; the impact of new or improved technologies, including artificial intelligence, and alternative methods of delivery on consumer behavior; new product, digital ordering and concept developments by us, and other food-industry competitors; our ability to maintain good relationships with and attract new franchisees, and franchisees’ ability to successfully manage their operations without negatively impacting our royalty payments and fees or our brand’s reputation; our ability to successfully implement cost-saving strategies; changes in the level of consumer spending given general economic conditions, including interest rates, energy prices and consumer confidence or negative economic conditions in general; our ability and that of our franchisees to open new restaurants and keep existing restaurants in operation and maintain demand for new stores; the impact that widespread illness, health epidemics or general health concerns, severe weather conditions and natural disasters may have on our business and the economies of the countries where we operate; changes in foreign currency exchange rates; changes in income tax rates; our ability to retain or replace our executive officers and other key members of management and our ability to adequately staff our stores and supply chain centers with qualified personnel; our ability to find and/or retain suitable real estate for our stores and supply chain centers; changes in government legislation or regulation, including changes in laws and regulations regarding information privacy, payment methods, advertising and consumer protection and social media; adverse legal judgments or settlements; food-borne illness or contamination of products or food tampering or other events that may impact our reputation; data breaches, power loss, technological failures, user error or other cyber risks threatening us or our franchisees; the impact that environmental, social and governance matters may have on our business and reputation; the effect of war, terrorism, catastrophic events, geopolitical or reputational considerations or climate change; our ability to pay dividends and repurchase shares; changes in consumer tastes, spending and traffic patterns and demographic trends; changes in accounting policies; and adequacy of our insurance coverage. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this press release might not occur. All forward-looking statements speak only as of the date of this press release and should be evaluated with an understanding of their inherent uncertainty. Except as required under federal securities laws and the rules and regulations of the Securities and Exchange Commission, or other applicable law, we will not undertake, and specifically disclaim, any obligation to publicly update or revise any forward-looking statements to reflect events or circumstances arising after the date of this press release, whether as a result of new information, future events or otherwise. You are cautioned not to place undue reliance on the forward-looking statements included in this press release or that may be made elsewhere from time to time by, or on behalf of, us. All forward-looking statements attributable to us are expressly qualified by these cautionary statements.
Domino’s Pizza, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited)
Domino’s Pizza, Inc. and Subsidiaries Condensed Consolidated Statements of Income (Unaudited)
Domino’s Pizza, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (Unaudited)
September 6, December 28, 2026 2025 ────────────────────────────────────────────────────────────────────────────── (In thousands) Assets Current assets: Cash and cash $ 229,035 $ 125,675 equivalents Restricted cash and cash 167,958 216,110 equivalents Accounts receivable, 286,489 315,958 net Inventories 89,535 79,189 Prepaid expenses and 45,775 39,767 other Advertising fund assets, 97,983 117,502 restricted Total current 916,775 894,201 assets Property, plant and 375,415 324,022 equipment, net Operating lease 225,213 219,485 right-of-use assets Investment in 15,175 36,070 DPC Dash Other assets 233,795 242,681 Total assets $ 1,766,373 $ 1,716,459 Liabilities and stockholders’ deficit Current liabilities: Current portion of $ 1,326,786 $ 6,131 long-term debt Accounts 132,253 135,029 payable Operating lease 46,150 47,553 liabilities Advertising fund 96,639 115,412 liabilities Other accrued 277,622 237,496 liabilities Total current 1,879,450 541,621 liabilities Long-term liabilities: Long-term debt, less 3,559,118 4,810,683 current portion Operating lease 189,769 183,917 liabilities Other accrued 93,134 81,380 liabilities Total long-term 3,842,021 5,075,980 liabilities Total stockholders’ (3,955,098 ) (3,901,142 ) deficit Total liabilities and $ 1,766,373 $ 1,716,459 stockholders’ deficit
Domino’s Pizza, Inc. and Subsidiaries Condensed Consolidated Statements of Cash Flows (Unaudited)
Three Fiscal September 6, September 7, Quarters Ended 2026 2025 ────────────────────────────────────────────────────────────────────────────── (In thousands) Cash flows from operating activities: Net income $ 427,740 $ 420,061 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and 61,501 61,128 amortization Refranchising gain (3,881 ) (3,883 ) Gain on sale of (7,780 ) — assets Loss on disposal of 1,181 703 assets Amortization of 4,455 3,768 debt issuance costs Provision for deferred income 12,009 9,255 taxes Non-cash equity-based 30,843 31,681 compensation expense Excess tax benefits from equity-based (1,026 ) (2,751 ) compensation Provision (benefit) for losses on 418 (49 ) accounts and notes receivable Unrealized and realized loss 20,895 (5,036 ) (gain) on investments, net Changes in operating assets (5,126 ) 10,242 and liabilities Changes in advertising fund assets and (20,628 ) 27,137 liabilities, restricted Net cash provided by operating 520,601 552,256 activities Cash flows from investing activities: Capital (60,829 ) (56,667 ) expenditures Proceeds from sale 27,623 8,458 of assets Sale of investments — 44,085 Other (961 ) (1,939 ) Net cash used in investing (34,167 ) (6,063 ) activities Cash flows from financing activities: Proceeds from issuance of — 1,000,000 long-term debt Repayments of long-term debt and (4,097 ) (1,147,773 ) finance lease obligations Proceeds from exercise of stock 9,205 12,882 options Purchases of common (308,239 ) (277,698 ) stock Tax payments for restricted stock (14,204 ) (10,862 ) upon vesting Payments of common stock dividends and (134,331 ) (119,503 ) equivalents Cash paid for — (15,287 ) financing costs Net cash used in financing (451,666 ) (558,241 ) activities Effect of exchange rate changes on (338 ) 1,487 cash Change in cash and cash equivalents, 34,430 (10,561 ) restricted cash and cash equivalents Cash and cash equivalents, 125,675 186,126 beginning of period Restricted cash and cash equivalents, 216,110 195,370 beginning of period Cash and cash equivalents included in 92,200 80,928 advertising fund assets, restricted, beginning of period Cash and cash equivalents, restricted cash and cash equivalents and cash and cash 433,985 462,424 equivalents included in advertising fund assets, restricted, beginning of period Cash and cash equivalents, end of 229,035 139,728 period Restricted cash and cash equivalents, 167,958 202,501 end of period Cash and cash equivalents included in 71,422 109,634 advertising fund assets, restricted, end of period Cash and cash equivalents, restricted cash and cash equivalents and cash and $ 468,415 $ 451,863 cash equivalents included in advertising fund assets, restricted, end of period
Full text with the tables
Exhibit 99.1
For Immediate Release Contact: Greg Lemenchick Vice President - Investor
Relationsinvestorrelations@dominos.com
Domino’s Pizza ® Announces Third Quarter 2026 Financial Results Global retail
sales growth (excluding foreign currency impact) of 3.2% U.S. same store sales
growth of 0.3% International same store sales growth (excluding foreign currency
impact) of 0.2% Global net store growth of 175 stores, including 26 net store
openings in the U.S. and 149 net store openings internationally Income from
operations increased 8.3%; excluding the $0.2 million negative impact of foreign
currency exchange rates on international franchise royalty revenues, income from
operations increased 8.4% ANN ARBOR, Michigan, October 13, 2026: Domino’s Pizza,
Inc. (Nasdaq: DPZ), the largest pizza company in the world, announced results
for the third quarter of 2026. “As I step into the CEO role, I am honored to
lead Domino’s and build on the competitive advantages that have long set us
apart: our iconic brand, best-in-class franchise system, global scale and proven
operating capabilities,” said Joe Jordan, Domino’s Chief Executive Officer. “Our
opportunity now is to capitalize on those strengths by getting even closer to
our customers, helping our franchisees grow their profitability and turning our
best performance into our everyday performance. By advancing winning ideas
faster and executing them with greater clarity, speed and consistency, we can
earn more occasions, continue gaining market share and create meaningful long-
term value for shareholders. Domino’s has always been at its best when we are a
step ahead. That mindset has helped us set the pace for the industry before, and
it’s how we’ll push ourselves to do it again. I believe our next chapter will be
our strongest yet.” Third Quarter of 2026 Operational and Financial Highlights
(Unaudited): The tables below outline certain statistical measures utilized by
the Company to analyze its performance, as well as key financial results. This
historical data is not necessarily indicative of results to be expected for any
future period. Refer to Comments on Regulation G below for additional details,
including definitions of these statistical measures and certain reconciliations.
Glob…
reta…
sale…
(in
mill… Three
of Third Fiscal
U.S. Quarter Quart…
doll… 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
U.S. $ 2,368… $ 2,320.4 $ 7,052.3 $ 6,896…
stor…
Inte… 2,471… 2,375.8 7,377.8 6,933…
stor…
Total $ 4,840… $ 4,696.2 $ 14,430… $ 13,83…
Global retail
sales growth:
(versus prior
year period, Three Fiscal
excluding foreign Third Quarter Quarters
currency impact) 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
U.S. stores + 2.1% + 7.0% + 2.3% + 4.5%
International + 4.3% + 5.7% + 4.1% + 6.6%
stores
Total + 3.2% + 6.3% + 3.2% + 5.5%
Same store sales
growth: Three Fiscal
(versus prior Third Quarter Quarters
year period) 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
U.S.
Company-owned + 1.0% + 3.4% + 2.5% + 1.0%
stores
U.S. franchise + 0.3% + 5.3% + 0.4% + 2.7%
stores
U.S. stores + 0.3% + 5.2% + 0.4% + 2.7%
International
stores (excluding + 0.2% + 1.7% (0.1)% + 2.5%
foreign
currency impact)
U.… U.… To…
Co… Fr… U.… In… To…
ow… St… St… St…
St…
T…
q…
of
2…
s…
c…
S…
c…
at 186 7,… 7,… 15,… 22,…
J…
1…
2…
O… 1 27 28 200 228
C… — (2 ) (2 ) (51 ) (53 )
S…
c…
at 187 7,… 7,… 15,… 22,…
S…
6,
2…
T…
q…
2… 1 25 26 149 175
n…
s…
g…
T…
f…
q… 5 162 167 789 956
n…
s…
g…
Third Three
Quarter Fiscal
Quarte…
(In
millio…
except
percen…
percen… Increas… Increa…
points, 2026 2025 (Decrea… 2026 2025 (Decre…
per-sh…
data
and
levera…
ratio)
Total $1,185.6 $1,147… + 3.4% $3,530… $3,404.3 + 3.7%
revenu…
Supply
chain 12.2% 11.3% + 0.9 pp 12.1% 11.6% + 0.5
gross pp
margin
Income
from $241.8 $223.2 + 8.3% $704.2 $658.3 + 7.0%
operat…
Net $152.2 $139.3 + 9.2% $427.7 $420.1 + 1.8%
income
Diluted
earnin… $4.60 $4.08 + 12.7% $12.80 $12.22 + 4.7%
per
share
Levera… 4.2x 4.5x (0.3)x
ratio
Net
cash
provid… $520.6 $552.3 (5.7)%
by
operat…
activi…
Capital -60.8 -56.7 + 7.2%
expend…
Free
cash $459.8 $495.6 (7.2)%
flow
• Revenues increased $38.5 million, or 3.4%, in the third quarter of 2026 as
compared to the third quarter of 2025, primarily due to higher supply chain
revenues and higher global franchise royalty revenues. The increase in supply
chain revenues was primarily attributable to higher order volumes, as well as an
increase in the Company’s food basket pricing to stores, which increased 2.2% in
the third quarter of 2026 as compared to the third quarter of 2025. U.S. and
international franchise royalties and fees revenues increased primarily as a
result of net store growth during the trailing four quarters. These increases in
revenues were partially offset by lower U.S. Company-owned store revenues as a
result of the refranchising of certain U.S. Company-owned store markets in the
second quarter of 2026. • Supply chain gross margin increased 0.9 percentage
points in the third quarter of 2026 as compared to the third quarter of 2025,
primarily due to procurement productivity. • Income from operations increased
$18.6 million, or 8.3%, in the third quarter of 2026 as compared to the third
quarter of 2025. Excluding the negative impact of foreign currency exchange
rates on international franchise royalty revenues of $0.2 million, income from
operations increased $18.8 million, or 8.4%, primarily due to the increases in
U.S. and international franchise royalties and fees revenues and gross margin
dollar growth within supply chain. • Net income increased $12.9 million, or
9.2%, in the third quarter of 2026 as compared to the third quarter of 2025,
primarily due to higher income from operations. • Diluted EPS was $4.60 in the
third quarter of 2026 as compared to $4.08 in the third quarter of 2025,
representing a $0.52, or 12.7%, increase. The increase in diluted EPS was driven
by higher net income, as well as a lower weighted average diluted share count
resulting from the Company’s share repurchases during the trailing four
quarters. • Net cash provided by operating activities was $520.6 million in the
three fiscal quarters of 2026 as compared to $552.3 million in the three fiscal
quarters of 2025. The Company spent $60.8 million on capital expenditures in the
three fiscal quarters of 2026 as compared to $56.7 million in the three fiscal
quarters of 2025, resulting in free cash flow of $459.8 million in the three
fiscal quarters of 2026 as compared to $495.6 million in the three fiscal
quarters of 2025. The decrease in free cash flow was a result of the timing and
amount of payments for advertising activities and the negative impact of changes
in operating assets and liabilities. These decreases were partially offset by
the increase in income from operations in the three fiscal quarters of 2026
(excluding the pre-tax realized gain on the sale of the Company’s fully
depreciated corporate aircraft in the first quarter of 2026).
Quarterly Dividend
Subsequent to the end of the third quarter of 2026, on October 6, 2026, the
Company’s Board of Directors declared a $1.99 per share quarterly dividend on
its outstanding common stock for shareholders of record as of December 15, 2026,
to be paid on December 30, 2026.
Share Repurchases
During the third quarter of 2026, the Company repurchased and retired 216,282
shares of common stock for a total of $73.6 million. During the three fiscal
quarters of 2026, the Company repurchased and retired 848,503 shares of common
stock for a total of $304.9 million. As of September 6, 2026, the Company had a
total remaining authorized amount for share repurchases of $1.15 billion.
Comments on Regulation G
In addition to the GAAP financial measures set forth in this press release, the
Company has included non-GAAP financial measures within the meaning of
Regulation G, including free cash flow, income from operations, excluding
foreign currency impact and Consolidated Adjusted EBITDA. The Company has also
included metrics such as global retail sales, global retail sales growth
(excluding foreign currency impact), same store sales growth, net store growth,
food basket pricing change, impact of changes in foreign currency exchange rates
on international franchise royalty revenues and the leverage ratio, which are
commonly used statistical measures in the quick-service restaurant industry that
are important to understanding Company performance.
The Company uses“global retail sales,”a statistical measure, to refer to total
worldwide retail sales at Company-owned and franchised stores. The Company
believes global retail sales information is useful in analyzing revenues because
franchisees pay royalties and, in the U.S., advertising fees that are based on a
percentage of franchise retail sales. The Company reviews comparable industry
global retail sales information to assess business trends and to track the
growth of the Domino’s Pizza brand, and believes it is indicative of the
financial health of the Company’s franchisee base. In addition, supply chain
revenues are directly impacted by changes in franchise retail sales in the U.S.
and Canada. As a result, sales by Domino’s franchisees have a direct effect on
the Company’s profitability. Retail sales for franchised stores are reported to
the Company by its franchisees and are not included in Company revenues. “Global
retail sales growth” is calculated as the change of U.S. Dollar global retail
sales against the comparable period of the prior year.“Global retail sales
growth, excluding foreign currency impact,”is calculated as the change of local
currency global retail sales against the comparable period of the prior year.
Changes in global retail sales growth, excluding foreign currency impact are
primarily driven by same store sales growth and net store growth.
The Company uses“same store sales growth,”a statistical measure, which is
calculated for a given period by including only sales from stores that also had
sales in the comparable weeks of both periods. International same store sales
growth is calculated similarly to U.S. same store sales growth. Changes in
international same store sales are reported on a constant dollar basis, which
reflects changes in international local currency sales. Same store sales growth
for transferred stores is reflected in their current classification.
The Company uses“net store growth,”a statistical measure, which is calculated by
netting gross store openings with gross store closures during the period.
Transfers between Company-owned stores and franchised stores are excluded from
the calculation of net store growth.
The Company uses“food basket pricing change,”a statistical measure, which is
calculated as the percentage change of the food basket (including both food and
cardboard products) purchased by an average U.S. store (based on average weekly
unit sales) from U.S. supply chain centers against the comparable period of the
prior year. The Company believes that the food basket pricing change is
important to understanding Company performance because as food basket prices
fluctuate, revenues, cost of sales and gross margin percentages in the Company’s
supply chain segment also fluctuate. Additionally, cost of sales, gross margins
and gross margin percentages for the Company’s U.S. Company-owned stores also
fluctuate.
The Company uses“free cash flow,”which is calculated as net cash provided by
operating activities, less capital expenditures, both as reported under GAAP.
The most directly comparable financial measure calculated and presented in
accordance with GAAP is net cash provided by operating activities. The Company
believes that the free cash flow measure is important to investors and other
interested persons, and that such persons benefit from having a measure that
communicates how much cash flow is available for working capital needs or
repurchasing debt, making acquisitions, repurchasing common stock or paying
dividends.
The Company uses“income from operations, excluding foreign currency
impact,”which is calculated as income from operations as reported under GAAP,
less the“impact of changes in foreign currency exchange rates on international
franchise royalty revenues,”a statistical measure. The most directly comparable
financial measure calculated and presented in accordance with GAAP is income
from operations. The impact of changes in foreign currency exchange rates on
international franchise royalty revenues is calculated as the difference in
international franchise royalty revenues resulting from translating current
period local currency results to U.S. dollars at current period exchange rates
as compared to prior period exchange rates. The Company believes that the impact
of changes in foreign currency exchange rates on international franchise royalty
revenues is important to understanding Company performance given the significant
variability in international franchise royalty revenues that can be driven by
changes in foreign currency exchanges rates. International franchise royalty
revenues do not have a cost of sales component, so changes in these revenues
have a direct impact on income from operations.
The Company uses“Consolidated Adjusted EBITDA,”which is calculated as income
from operations as reported under GAAP,excluding depreciation and amortization,
non-cash equity-based compensation expense, gains and losses from the sale and
disposal of assets and refranchising gains and losses, each as reported under
GAAP. Consolidated Adjusted EBITDA is defined in the base indenture governing
the Company’s securitized debt and is used by the Company and investors to
calculate the leverage ratio (defined below), and other ratios defined in the
indenture governing the Company’s securitized debt. As such, Consolidated
Adjusted EBITDA is important to investors and other interested persons to
understand the financial performance of the Company, and to assess the ability
of the Company to meet its financial obligations.
The Company uses the “leverage ratio 1 ,” which is calculated as the Company’s
securitized debt related to its fixed-rate notes and borrowings under its
variable funding notes, divided by Consolidated Adjusted EBITDA on a trailing
four quarters basis. The Company has historically operated with a leverage ratio
between four and six times. The Company reviews its leverage ratio on at least a
quarterly basis and believes its leverage ratio is important to investors and
other interested persons to understand the capital structure of the Company, and
to assess the ability of the Company to meet its financial obligations. The
reconciliation of the leverage ratio for the third quarters of 2026 and 2025 is
as follows below.
2017 Ten-Year September 6, September 7,
Notes 2026 940,000 2025 940,000
──────────────────────────────────────────────────────────────────────────────
2018 9.25-Year 379,000 379,000
Notes
2019 Ten-Year 648,000 648,000
Notes
2021 7.5-Year 826,625 826,625
Notes
2021 Ten-Year 972,500 972,500
Notes
2025 Five-Year 500,000 500,000
Notes
2025 Seven-Year 500,000 500,000
Notes
Total fixed-rate $ 4,766,125 $ 4,766,125
notes
Income from
operations – $ 241,773 $ 223,168
third quarter
of 2026 and 2025
Income from
operations – 232,039 225,044
second quarter
of 2026 and 2025
Income from
operations – 230,357 210,095
first quarter
of 2026 and 2025
Income from
operations – 295,667 273,652
fourth quarter
of 2025 and 2024
Income from
operations – $ 999,836 $ 931,959
trailing four
quarters
Depreciation and
amortization – $ 89,200 $ 87,886
trailing
four quarters
Non-cash
equity-based
compensation 43,803 43,395
expense –
trailing four
quarters
Refranchising
gain – trailing (4,025 ) (3,883 )
four
quarters
Gain on sale of
assets – (7,780 ) —
trailing four
quarters
Loss on disposal
of assets – 2,331 1,730
trailing
four quarters
Reconciliation
of income from
operations to
Consolidated $ 123,529 $ 129,128
Adjusted EBITDA
– trailing four
quarters
Consolidated
Adjusted EBITDA $ 1,123,365 $ 1,061,087
– trailing
four quarters
Leverage ratio 4.2 x 4.5 x
The Company also calculates and reviews its Senior Leverage Ratio and
(1) Holdco Leverage Ratio as defined in the indenture governing the
Company’s securitized debt.
Conference Call Information
The Company will file its Quarterly Report on Form 10-Q today. As previously
announced, Domino’s Pizza, Inc. will hold a conference call todayat 8:30 a.m.
(Eastern) to review its third quarter 2026 financial results. The webcast is
available atir.dominos.comand will be archived for one year.
About Domino’s Pizza®
Founded in 1960, Domino’s Pizza is the largest pizza company in the world, with
a significant business in both delivery and carryout. It ranks among the world’s
top public restaurant brands with a global enterprise of more than 22,700 stores
in over 90 markets. Domino’s had global retail sales of over $20.7 billion in
the trailing four quarters ended September 6, 2026. Its system is comprised of
independent franchise owners who accounted for 99% of Domino’s stores as of the
end of the third quarter of 2026. In the U.S., Domino’s generated more than 85%
of U.S. retail sales in 2025 via digital channels and has developed many
innovative ordering platforms.
Order –dominos.com
Company Info –biz.dominos.com
Media Assets –media.dominos.com
Please visit our Investor Relations website atir.dominos.comto view news,
announcements, earnings releases, investor presentations and conference
webcasts.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995:
This press release contains various forward-looking statements about the Company
within the meaning of the Private Securities Litigation Reform Act of 1995 (the
“Act”) that are based on current management expectations that involve
substantial risks and uncertainties that could cause actual results to differ
materially from the results expressed in, or implied by, these forward-looking
statements. The following cautionary statements are being made pursuant to the
provisions of the Act and with the intention of obtaining the benefits of the
“safe harbor” provisions of the Act. You can identify forward-looking statements
by the use of words such as “anticipates,” “believes,” “could,” “should,”
“estimates,” “expects,” “intends,” “may,” “will,” “plans,” “predicts,”
“projects,” “seeks,” “approximately,” “potential,” “outlook” and similar terms
and phrases that concern our strategy, plans or intentions, including references
to assumptions. These forward-looking statements address various matters
including information concerning future results of operations and business
strategy, our anticipated profitability, estimates in same store sales growth,
store growth and the growth of our U.S. and international business in general,
our ability to service our indebtedness, our future cash flows, our operating
performance, trends in our business and other descriptions of future events that
reflect the Company’s expectations based upon currently available information
and data. While we believe these expectations and projections are based on
reasonable assumptions, such forward-looking statements are inherently subject
to risks, uncertainties and assumptions. Important factors that could cause
actual results to differ materially from our expectations are more fully
described in our filings with the Securities and Exchange Commission, including
under the section headed “Risk Factors” in our Annual Report on Form 10-K for
the fiscal year ended December 28, 2025. Actual results may differ materially
from those expressed or implied in the forward-looking statements as a result of
various factors, including but not limited to: our substantial indebtedness and
our ability to incur additional indebtedness or refinance or renegotiate key
terms of that indebtedness in the future; the impact a downgrade in our credit
rating may have on our business, financial condition and results of operations;
our future financial performance and our ability to pay principal and interest
on our indebtedness; the strength of our brand, including our ability to compete
in the U.S. and internationally in our intensely competitive industry, including
the food service and food delivery markets; our ability to successfully
implement our growth strategy, including through our participation in the third-
party order aggregation marketplace; labor shortages or changes in operating
expenses resulting from increases in prices of food (particularly cheese), fuel
and other commodity costs, labor, utilities, insurance, employee benefits and
other operating costs or negative economic conditions; the effectiveness of our
advertising, operations and promotional initiatives; shortages, interruptions or
disruptions in the supply or delivery of fresh food products and store
equipment; the additional risks our international operations subject us to,
which may differ in each country in which we and our franchisees do business;
the dependence of our earnings and business growth strategy on the success of
our franchisees; our ability and that of our franchisees to successfully operate
in the current and future credit environment; the impact of social media, the
rise of artificial intelligence–generated content, or a boycott on our business,
brand and reputation; the impact of new or improved technologies, including
artificial intelligence, and alternative methods of delivery on consumer
behavior; new product, digital ordering and concept developments by us, and
other food-industry competitors; our ability to maintain good relationships with
and attract new franchisees, and franchisees’ ability to successfully manage
their operations without negatively impacting our royalty payments and fees or
our brand’s reputation; our ability to successfully implement cost-saving
strategies; changes in the level of consumer spending given general economic
conditions, including interest rates, energy prices and consumer confidence or
negative economic conditions in general; our ability and that of our franchisees
to open new restaurants and keep existing restaurants in operation and maintain
demand for new stores; the impact that widespread illness, health epidemics or
general health concerns, severe weather conditions and natural disasters may
have on our business and the economies of the countries where we operate;
changes in foreign currency exchange rates; changes in income tax rates; our
ability to retain or replace our executive officers and other key members of
management and our ability to adequately staff our stores and supply chain
centers with qualified personnel; our ability to find and/or retain suitable
real estate for our stores and supply chain centers; changes in government
legislation or regulation, including changes in laws and regulations regarding
information privacy, payment methods, advertising and consumer protection and
social media; adverse legal judgments or settlements; food-borne illness or
contamination of products or food tampering or other events that may impact our
reputation; data breaches, power loss, technological failures, user error or
other cyber risks threatening us or our franchisees; the impact that
environmental, social and governance matters may have on our business and
reputation; the effect of war, terrorism, catastrophic events, geopolitical or
reputational considerations or climate change; our ability to pay dividends and
repurchase shares; changes in consumer tastes, spending and traffic patterns and
demographic trends; changes in accounting policies; and adequacy of our
insurance coverage. In light of these risks, uncertainties and assumptions, the
forward-looking events discussed in this press release might not occur. All
forward-looking statements speak only as of the date of this press release and
should be evaluated with an understanding of their inherent uncertainty. Except
as required under federal securities laws and the rules and regulations of the
Securities and Exchange Commission, or other applicable law, we will not
undertake, and specifically disclaim, any obligation to publicly update or
revise any forward-looking statements to reflect events or circumstances arising
after the date of this press release, whether as a result of new information,
future events or otherwise. You are cautioned not to place undue reliance on the
forward-looking statements included in this press release or that may be made
elsewhere from time to time by, or on behalf of, us. All forward-looking
statements attributable to us are expressly qualified by these cautionary
statements.
TABLES TO FOLLOW
Domino’s Pizza, Inc. and Subsidiaries Condensed Consolidated Statements of
Income (Unaudited)
Fiscal Septe… % of Septe… % of
Quart… 6, Total 7, Total
Ended 2026 Revenu… 2025 Revenu…
──────────────────────────────────────────────────────────────────────────────
(In
thou…
exce…
share
and
per-…
data)
Reve…
U.S.
Comp… $ 61,432 $ 82,749
stor…
U.S.
fran…
roya… 165,6… 157,1…
and
fees
Supp… 746,1… 696,9…
chain
Inte…
fran…
roya… 83,700 78,549
and
fees
U.S.
fran… 128,6… 131,6…
adve…
Total 1,185… 100.0 % 1,147… 100.0 %
reve…
Cost
of
sale…
U.S.
Comp… 54,090 69,258
stor…
Supp… 655,1… 617,8…
chain
Total
cost 709,2… 59.8 % 687,1… 59.9 %
of
sales
Gross 476,3… 40.2 % 459,9… 40.1 %
marg…
Gene…
and 105,7… 8.9 % 105,0… 9.1 %
admi…
U.S.
fran… 128,6… 10.9 % 131,6… 11.5 %
adve…
Refr… 206 0.0 % — —
loss
Inco…
from 241,7… 20.4 % 223,1… 19.5 %
oper…
Other (2,539 ) (0.2 )% (3,017 ) (0.3 )%
expe…
Inte…
expe… (44,1… ) (3.7 )% (40,9… ) (3.6 )%
net
Inco…
befo…
prov… 195,0… 16.5 % 179,1… 15.6 %
for
inco…
taxes
Prov…
for 42,895 3.7 % 39,880 3.5 %
inco…
taxes
Net $ 152,1… 12.8 % $ 139,3… 12.1 %
inco…
Earn…
per
shar…
Comm…
stock $ 4.60 $ 4.08
–
dilu…
Weig…
aver… 33,11… 34,14…
dilu…
shar…
Domino’s Pizza, Inc. and Subsidiaries Condensed Consolidated Statements of
Income (Unaudited)
Three
Fiscal Septe… % of Septe… % of
Quart… 6, Total 7, Total
Ended 2026 Revenu… 2025 Revenu…
──────────────────────────────────────────────────────────────────────────────
(In
thou…
exce…
share
and
per-…
data)
Reve…
U.S.
Comp… $ 225,3… $ 266,8…
stor…
U.S.
fran…
roya… 487,8… 464,4…
and
fees
Supp… 2,176… 2,053…
chain
Inte…
fran…
roya… 246,5… 231,2…
and
fees
U.S.
fran… 394,1… 387,8…
adve…
Total 3,530… 100.0 % 3,404… 100.0 %
reve…
Cost
of
sale…
U.S.
Comp… 198,6… 224,2…
stor…
Supp… 1,912… 1,815…
chain
Total
cost 2,111… 59.8 % 2,040… 59.9 %
of
sales
Gross 1,419… 40.2 % 1,364… 40.1 %
marg…
Gene…
and 332,5… 9.4 % 321,7… 9.5 %
admi…
U.S.
fran… 394,1… 11.2 % 387,8… 11.4 %
adve…
Refr… (3,881 ) (0.1 )% (3,883 ) (0.1 )%
gain
Gain
on
sale (7,780 ) (0.2 )% — —
of
asse…
Inco…
from 704,1… 19.9 % 658,3… 19.3 %
oper…
Other
(exp… (20,8… ) (0.6 )% 5,036 0.2 %
inco…
Inte…
expe… (132,… ) (3.7 )% (123,… ) (3.6 )%
net
Inco…
befo…
prov… 550,9… 15.6 % 539,9… 15.9 %
for
inco…
taxes
Prov…
for 123,2… 3.5 % 119,8… 3.6 %
inco…
taxes
Net $ 427,7… 12.1 % $ 420,0… 12.3 %
inco…
Earn…
per
shar…
Comm…
stock $ 12.80 $ 12.22
–
dilu…
Weig…
aver… 33,41… 34,36…
dilu…
shar…
Domino’s Pizza, Inc. and Subsidiaries Condensed Consolidated Balance Sheets
(Unaudited)
September 6, December 28,
2026 2025
──────────────────────────────────────────────────────────────────────────────
(In thousands)
Assets
Current
assets:
Cash and cash $ 229,035 $ 125,675
equivalents
Restricted
cash and cash 167,958 216,110
equivalents
Accounts
receivable, 286,489 315,958
net
Inventories 89,535 79,189
Prepaid
expenses and 45,775 39,767
other
Advertising
fund assets, 97,983 117,502
restricted
Total current 916,775 894,201
assets
Property,
plant and 375,415 324,022
equipment, net
Operating
lease 225,213 219,485
right-of-use
assets
Investment in 15,175 36,070
DPC Dash
Other assets 233,795 242,681
Total assets $ 1,766,373 $ 1,716,459
Liabilities
and
stockholders’
deficit
Current
liabilities:
Current
portion of $ 1,326,786 $ 6,131
long-term debt
Accounts 132,253 135,029
payable
Operating
lease 46,150 47,553
liabilities
Advertising
fund 96,639 115,412
liabilities
Other accrued 277,622 237,496
liabilities
Total current 1,879,450 541,621
liabilities
Long-term
liabilities:
Long-term
debt, less 3,559,118 4,810,683
current
portion
Operating
lease 189,769 183,917
liabilities
Other accrued 93,134 81,380
liabilities
Total
long-term 3,842,021 5,075,980
liabilities
Total
stockholders’ (3,955,098 ) (3,901,142 )
deficit
Total
liabilities
and $ 1,766,373 $ 1,716,459
stockholders’
deficit
Domino’s Pizza, Inc. and Subsidiaries Condensed Consolidated Statements of Cash
Flows (Unaudited)
Three Fiscal September 6, September 7,
Quarters Ended 2026 2025
──────────────────────────────────────────────────────────────────────────────
(In thousands)
Cash flows from
operating
activities:
Net income $ 427,740 $ 420,061
Adjustments to
reconcile net
income to
net cash provided
by operating
activities:
Depreciation and 61,501 61,128
amortization
Refranchising gain (3,881 ) (3,883 )
Gain on sale of (7,780 ) —
assets
Loss on disposal of 1,181 703
assets
Amortization of 4,455 3,768
debt issuance costs
Provision for
deferred income 12,009 9,255
taxes
Non-cash
equity-based 30,843 31,681
compensation
expense
Excess tax benefits
from equity-based (1,026 ) (2,751 )
compensation
Provision (benefit)
for losses on 418 (49 )
accounts and notes
receivable
Unrealized and
realized loss 20,895 (5,036 )
(gain) on
investments, net
Changes in
operating assets (5,126 ) 10,242
and
liabilities
Changes in
advertising fund
assets and (20,628 ) 27,137
liabilities,
restricted
Net cash provided
by operating 520,601 552,256
activities
Cash flows from
investing
activities:
Capital (60,829 ) (56,667 )
expenditures
Proceeds from sale 27,623 8,458
of assets
Sale of investments — 44,085
Other (961 ) (1,939 )
Net cash used in
investing (34,167 ) (6,063 )
activities
Cash flows from
financing
activities:
Proceeds from
issuance of — 1,000,000
long-term debt
Repayments of
long-term debt and (4,097 ) (1,147,773 )
finance
lease obligations
Proceeds from
exercise of stock 9,205 12,882
options
Purchases of common (308,239 ) (277,698 )
stock
Tax payments for
restricted stock (14,204 ) (10,862 )
upon
vesting
Payments of common
stock dividends and (134,331 ) (119,503 )
equivalents
Cash paid for — (15,287 )
financing costs
Net cash used in
financing (451,666 ) (558,241 )
activities
Effect of exchange
rate changes on (338 ) 1,487
cash
Change in cash and
cash equivalents, 34,430 (10,561 )
restricted cash and
cash equivalents
Cash and cash
equivalents, 125,675 186,126
beginning of
period
Restricted cash and
cash equivalents, 216,110 195,370
beginning of period
Cash and cash
equivalents
included in 92,200 80,928
advertising fund
assets, restricted,
beginning of period
Cash and cash
equivalents,
restricted cash and
cash equivalents
and
cash and cash 433,985 462,424
equivalents
included in
advertising fund
assets, restricted,
beginning of period
Cash and cash
equivalents, end of 229,035 139,728
period
Restricted cash and
cash equivalents, 167,958 202,501
end of period
Cash and cash
equivalents
included in 71,422 109,634
advertising fund
assets, restricted,
end of period
Cash and cash
equivalents,
restricted cash and
cash equivalents
and cash and $ 468,415 $ 451,863
cash equivalents
included in
advertising fund
assets, restricted,
end of period
###